Azzad Asset Management Inc. ADV Invests $11 Million in KLA Co. (NASDAQ:KLAC)

Azzad Asset Management Inc. ADV bought a new stake in KLA Co. (NASDAQ:KLAC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 16,175 shares of the semiconductor company's stock, valued at approximately $10,996,000. KLA accounts for 1.3% of Azzad Asset Management Inc. ADV's investment portfolio, making the stock its 7th biggest holding.

Other institutional investors have also modified their holdings of the company. Tortoise Investment Management LLC raised its stake in shares of KLA by 300.0% in the 4th quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 36 shares during the period. TCTC Holdings LLC purchased a new stake in shares of KLA in the 4th quarter valued at approximately $31,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of KLA in the 4th quarter valued at approximately $32,000. Fairfield Financial Advisors LTD raised its stake in shares of KLA by 160.0% in the 4th quarter. Fairfield Financial Advisors LTD now owns 65 shares of the semiconductor company's stock valued at $41,000 after acquiring an additional 40 shares during the period. Finally, Hurley Capital LLC purchased a new stake in shares of KLA in the 4th quarter valued at approximately $51,000. Institutional investors and hedge funds own 86.65% of the company's stock.

Analyst Ratings Changes

KLAC has been the subject of several recent analyst reports. Citigroup decreased their price objective on shares of KLA from $910.00 to $800.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Needham & Company LLC reaffirmed a "buy" rating and set a $830.00 price objective on shares of KLA in a research report on Thursday, May 1st. Jefferies Financial Group reaffirmed a "hold" rating and set a $725.00 price objective (down from $875.00) on shares of KLA in a research report on Friday, March 28th. Stifel Nicolaus lifted their price objective on shares of KLA from $750.00 to $770.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Morgan Stanley decreased their price objective on shares of KLA from $870.00 to $868.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $795.39.

Insider Activity at KLA

In related news, CFO Bren D. Higgins sold 1,019 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total transaction of $781,022.74. Following the transaction, the chief financial officer now directly owns 27,779 shares of the company's stock, valued at approximately $21,291,492.34. The trade was a 3.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total transaction of $7,381,006.60. Following the transaction, the chief executive officer now directly owns 78,740 shares in the company, valued at $53,803,042. The trade was a 12.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,829 shares of company stock worth $13,240,166 in the last ninety days. 0.12% of the stock is owned by insiders.

KLA Price Performance

KLAC traded down $7.33 on Friday, hitting $867.67. 1,832,159 shares of the company were exchanged, compared to its average volume of 1,116,404. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.63 and a current ratio of 2.36. The business's fifty day moving average is $734.54 and its 200 day moving average is $708.69. KLA Co. has a fifty-two week low of $551.33 and a fifty-two week high of $896.32. The firm has a market capitalization of $114.74 billion, a P/E ratio of 36.49, a price-to-earnings-growth ratio of 1.57 and a beta of 1.40.

KLA (NASDAQ:KLAC - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, beating the consensus estimate of $8.08 by $0.33. The business had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.01 billion. KLA had a net margin of 29.58% and a return on equity of 108.60%. The company's quarterly revenue was up 35.5% on a year-over-year basis. During the same period in the prior year, the business earned $5.26 earnings per share. As a group, sell-side analysts anticipate that KLA Co. will post 31.59 EPS for the current year.

KLA Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Monday, May 19th were given a $1.90 dividend. The ex-dividend date of this dividend was Monday, May 19th. This is an increase from KLA's previous quarterly dividend of $1.70. This represents a $7.60 annualized dividend and a yield of 0.88%. KLA's dividend payout ratio (DPR) is currently 27.63%.

KLA announced that its Board of Directors has authorized a share buyback program on Wednesday, April 30th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

About KLA

KLA Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection.